It’s TaxQuips time from TaxMama.com® .
Today TaxMama® wants to alert you to some major tax news taking place before the year ends.
As we come to the end of an incredibly busy year, there is still so much going on.
Congress worked through the night to pass a 4,155 page Omnibus Act to get the budget passed. It’s on its way to the President for signature.
They are also on their way to pass a SECURE Act 2.0 – that provides all kinds of tax and retirement-related benefits.
(based on a previous bill, this is buried in the Omnibus Act, starting on page 2047)
For now, you can find a really good summary on the Kiplinger website.
In addition, the Joint Committee on Taxation just released a summary of President Trump’s tax returns for 2015 – 2020 to the House Ways and Means Committee. These are not the actual returns, just summaries of his personal tax returns and details of some of his businesses. CNBC has some comments about this – and the audit that was started while Trump was a sitting president.
Whew…your tax pros and writers and instructors are going to have a lot of material to dig through. I am hearing of people cutting vacations short to get you the details.
You will find several benefits in the areas of retirement contributions and distributions, and tax credits.
The really bad news for 2023-2024 EA candidates?
These new laws will be on your exams! So if you can, try to finish passing all parts by February 28, 2023 to avoid all these changes.
We’ll deal with all of this next year.
In the meantime, sit back, relax and enjoy your holidays!
And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion
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